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PSI Life, Accident, Health Practice Exam Questions and Answers (2022/2023) (Verified Answers)
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PSI Life, Accident, Health Practice Exam Questions and Answers (2022/2023) (Verified Answers)
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2-40 Health and Accident Insurance State Exam Prep1. Multiple Employer Welfare Arrangement (MEWA) provides what type of
benefits?: Insurance
2. XYZ Company pays the entire premium for its group health plan. The
MINIMUM percentage of eligible employees that must be covered is:
100%
3. In Major Medical Expense policies, what is the intent of Stop Loss
provi- sion?: Limits an insured's out-of-pocket medical expenses
4. Q is hospitalized for 3 days and receives a bill for $10,100. Q has a Major
Medical policy with a $100 deductible and 80/20 coinsurance. How much
will Q be responsible for paying on this claim?: $2,100
5. Omitting information that affects the issuance or the rate of an
insurance contract is called: concealment
6. Florida requires that coverage for newborns begins "from the moment
1/8
,of birth" and continues for: 18 months
7. In order to establish a Health Reimbursement Arrangement (HRA),
it MUST: be established by the employer
8. Which provision allows a portion of any used medical benefits to be
restored following a particular amount of benefits has been used, or after
the policy has been in effect for a particular period of time?: Restoration
of used benefit
9. Disability policies do NOT normally pay for disabilities arising from
which of the following?: War
10.According to Florida law, when must an agent deliver the Outline of
Coverage to a Medicare Supplement applicant?: At the time of
application
11.An agent selling Medicare Supplement policies must provide every
appli- cant with a(n): Suitability form
2/8
, 12.One definition of replacement is "the act of replacing an existing insur-
ance policy with another". Replacement is: closely regulated and
requires full disclosure
13.Who makes the legally enforceable promises in a unilateral
insurance policy?: insurance company
14.Which of the following acts is an agent NOT authorized to do on
behalf of an insurer?: Authorize claim payments
15. Which of the following BEST describes a Hospital Indemnity policy?: -
Coverage that pays a stated amount PER DAY of a covered
hospitalization
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